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Tullow Oil plc : Tullow Oil Says Paon-2A Well Didn't Encounter Oil; to Plug, Abandon

12/18/2013 | 02:37am US/Eastern
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By Razak Musah Baba

LONDON--Independent oil and gas exploration and production group Tullow Oil PLC (TLW.LN) on Wednesday said that the Paon-2A appraisal well in the CI-103 license offshore Ivory Coast didn't encounter oil, reducing the upside volume potential associated with the Autruche field.

Following completion of logging operations the well will be plugged and abandoned, Tullow said.

Tullow holds 15% plus a 15% carried interest, and operates the CI-103 license, and is partnered by Anadarko Petroleum with 55% and the Societe Nationale d'Operations Petrolieres de Cote D'Ivoire with a 5% interest plus a 10% carried interest.

Angus McCoss, Tullow's exploration director, said; "the Paon-2A well has efficiently identified the likely depth of the oil water contact and we are reviewing the resource range and our future monetization options."

Tullow's shares in London closed Tuesday at 837 pence, valuing the company at GBP7.61 billion.

Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

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